Brexit Update – EEA resident director
29 January 2020
As we enter a key phase in Brexit, the Companies Registration Office have provided the following guidance in relation to the requirement for Irish companies to have an EEA resident director and ensuring compliance with section 137 of the Companies Act 2014:
The UK is leaving the European Union as of January 31st 2020 but with transitionary provisions in place until 31st December 2020. During this period the UK’s trading relationship with the EU will remain the same. The UK will also continue to follow EU rules. During the transition period the UK will remain under the jurisdiction of the European Court of Justice and stay within the single market and the customs union. All EU regulations will continue to apply to the UK, including changes made to these regulations during this period.
However thereafter, if no agreement is in place, UK resident directors will be required to comply with section 137 Companies Act 2014. This is the requirement to have an EEA-resident director.
For further information on the options available to Irish Companies to comply with the requirement to have an EEA resident director, please contact Susan McIntyre, Head of Company Secretarial Services email@example.com or Eileen Grace, Head of our Brexit Team firstname.lastname@example.org.